Allison Transmission postpones $1.1 billion note offering

By Paul A. Harris

St. Louis, July 23 - Allison Transmission Inc. has postponed its $1.1 billion two-part senior notes offering (Caa1) due to market conditions, according to market sources.

Citigroup, Lehman Brothers and Merrill Lynch & Co. were the bookrunners for the offering that was expected to be comprised of cash-pay notes and toggle notes.

Proceeds were designated to help fund the acquisition of the company by The Carlyle Group and Onex Corp. from General Motors Corp.

In addition the company postponed its $3.5 billion credit facility, according to a market source, who added that the acquisition will still close on time.

Allison Transmission is a Speedway, Ind., designer and manufacturer of automatic transmissions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.